FL S1326

Modifies the cost-of-living adjustment (COLA) for Florida Retirement System retirees and annuitants who retired before July 1, 2011, and have already received a COLA

Beginning July 1, 2016, the annual COLA will be the greater of 3% or the percentage change in the Experimental Consumer Price Index for Americans 62 years of age and older (CPI-E)

The CPI-E index, issued by the U.S. Bureau of Labor Statistics, is designed to more accurately reflect inflation experienced by older Americans

Declares the act fulfills an important state interest by ensuring fair and adequate retirement benefits that are managed in an actuarially sound manner as required by the Florida Constitution